Marketing: It sounds like you have some great exposure. However newspapers rarely work and I would suspect that’s true in your area as well. It’s great exposure, yet more and more buyers that are serious spend their time online. You have some great marketing online, but is it enough? Here are some other ideas:
- Individual website for your property (If your agent needs a resource for this, I have a good one). Rather than flyers at your office, send a link to your own property website via email to friends that they could potential forward to their own friends and family. Look how often people forward you emails. This can be very effective.
- Are you on all the high traffic home search engines? Zillow, Trulia, Realtor.com (fully enhanced with quality description and your agent’s contact info).
- Photos could use some improvement. I’d rather see your agent invest in a photographer than newspaper advertising. The baby’s room is great – but many of the shots almost appear to be looking at the floor. I’d definitely get it reshot prior to your move.
Staging: You’ve done such a great job of decluttering, it almost looks bare. Revisit your dining room shot and the baby’s room shot. The baby’s room looks warm and inviting. The dining room looks cold and empty. I’d reshoot that photo with the table set, the drapes open, and a plant in the corner. Warm up the space. Look at your photos through the eyes of a potential buyer. Do they excited you? Invite you?
Timing: Timing is critical when selling a home. Right now you are facing some challenges due to the market conditions and consumer uncertainty with the coming election. I suspect you also have local conditions that will soon play a role, the weather for example, as well as the local buying cycle. You have your personal timing and your upcoming move that is impacting your sale. Because you are facing some real negatives in terms of timing, this has to play a role in some of the decisions you are facing.
Pricing: You mentioned the comparables are a challenge due to the uniqueness of your home. With 6 showings in 120 days, I would say that the market is telling you something.But based on the timing and the traffic, I’d say another price reduction is clearly in order. This can be a tough pill to swallow but you are facing some tough choices either way.
Remember, buyer’s motivation today is about finding a good deal. They see the news and read the paper. Potential buyers are nervous and reluctant. What inspires them to take the leap in times of uncertainty is a good deal. It’s not enough to be priced at fair market value.
Have you considered renting the property? If you don’t want to reduce the price (or can’t), it might be time to think about renting it out. These are tough choices. Being a landlord has it’s own inherent risks and considerations. If you do rent it out, try to have the lease expire in the Spring when the timing serves you to list it for sale again.
I would act with a sense of urgency on all the different areas that you can improve upon. Have a heart-to-heart with your agent. Communicate with him and together, you can get your home sold.
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